A Sub-Blog to the main BLOG.FranklyRealty.com to discuss specific areas or buildings.

Friday, April 6, 2007

Next up: Io Piazza will Convert to Apt.

As you can see with my Zoso (Ed Peete) prediction (see next blog) the builder decided to stop trying to sell Zoso as condos, I now am fairly certain that Io Piazza in Shirlington (also Ed Peete) will no longer try to sell as condos.

If you would like the name of a lawyer that has been successful in getting dozens of people out of their contract WITH all their money, let me know. Sorry she done answering "quick questions" for free. Now it will cost you $500 just to talk to her and more to get your money back. Why? Because this blog overwhelmed her with people looking for free advice and that doesn't pay the bills. Don't be stupid and try and go it alone first, you'll actually just make things worse.

Update 5-5-07- My sources say that Io Piazza Condos in Shirlington, Arlington Virginia is Under Contract to be sold. Once the property closes, all contracts will be canceled and the deposits returned. If you want to live in this area, you might want to beat the rush of 100+ buyers. You are ahead of the game by reading this blog, but not by much! Email me.

16 comments:

Anonymous
said...

I work in the commercial real estate lending world and it appears that Ed Peete is in a world of hurt (I've heard scary rumors about the Bromptons at Cherrydale) and all of his projects could easily roll to multifamily instead of condo.

As for The Phoenix, the sales team is going to the market with the standard phasing approach to create an artificial sense of urgency. What % of the property is presold?

As for Phoenix, I don't know, but whatever number they were to give the public, I flat out would not believe it. I know of other instances where the sales office has given very incorrect information to fuel this urgency need.

Look at the trend of Ed Peete. The sales office closes... then the building sells to a 3rd party. It is "on the block" if not already under initial review (similar to under contract). If you MUST live in that area, I'd consider looking at what is around there before 100+ people get released from contract and all start looking at the 5 listings around there. Or wait it out!

Frank, what are your thoughts on Shirlington? I am seriously considering buying at The Brittany. I am also considering West Village at Shirlington and have looked at Io Piazza. Are the prices at The Brittany really worth it?

Regarding IO Piazza conversion to rentals; how certain are you now? Is it almost a done deal? Also, please can you describe the after math of such conversions? What happens to investor's earnest deposit?

Update 5-5-07- My sources say that Io Piazza Condos in Shirlington, Arlington Virginia is Under Contract to be sold. Once the property closes, all contracts will be canceled and the deposits returned. If you want to live in this area, you might want to beat the rush of 100+ buyers. You are ahead of the game by reading this blog, but not by much! Email me.

Update July 1 2007. POSSIBLE CLASS ACTIONPlease contact me if you have a contract at IO PIAZZA. They "might" be in "default" yet they are refusing to pay out any interest as required in the contract. They know that the amount is only a couple thousand dollars, so it isn't worth hiring an attorney, but if we get 5-15 people to join into one suit, it will become worth it.